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Here’s June 2018’s Monthly Indicators Report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
June 2018 Greater Boston Real Estate Market Trends
Sales of single-family homes and condominiums remained historically strong in June but were unable to keep pace with year ago levels due to stubbornly low inventory levels and steadily appreciating home values, according to data issued by the Greater Boston Association of REALTORS® (GBAR).
The single-family detached home market experienced a softening in sales in June as 1,822 homes were sold compared to 1,942 homes sold in June 2017, which was a record high for the month. Despite this 6.2 percent decline, this was the fifth highest sales volume on record for the month of June in Greater Boston and reflects a near 50 percent increase in home sales over the number of homes sold in May. The condo market experienced a more modest decline in sales of 2.3 percent, as the 1,342 condos sold last month fell short of the June 2017 total of 1,374 units sold. This is the seventh highest sales total on record for the month of June and a healthy 20 percent improvement from the previous month.
- June condo sales DOWN -5.7%
- Median prices UP +10.6% ($575,000)
- Active Listings UP +1.6% to 2,007
- Listings added to the market DOWN -2.8% over last year (1,473 from 1,516 in 2017)
- June single-family home sales DOWN -6.2%
- Median prices UP +7.1% ($652,500)
- Active Listings DOWN -4.6% to 3,059
- Listings added to the market UP +5.7% over last year (1,961 from 1,856 in 2017)
Interested In Specific Neighborhood / Area Real Estate Market Trend Data?
This summer is a great time to buy a home
Here are four great reasons why you should consider buying a home today instead of waiting!
1. Prices Will Continue To Rise.
Home values will continue to appreciate for years. Waiting to purchase no longer makes sense. CoreLogic’s latest Home Price report predicts prices will continue to increase at a rate of 5.2% over the next year.
2. Mortgage Interest Rates Are Projected To Increase
An increase in mortgage interest rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have increased by half a percentage point already in 2018 to around 4.5%. Most experts predict that rates will rise over the next 12 months.
3. Either Way, You Are Paying a Mortgage
As a home owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
4. Its Time To Move On With Your Life
Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to savings.
Information provided by KCM Crew.